Oil prices fell Tuesday, but traders are hoping U.S. inventory will show that fuel demand is picking up.Crude oil futures rose Wednesday as investors wait for the latest U.S. inventory data for indications of how gasoline demand is holding up as summer.
Oil prices pulled back Tuesday as the recent rally paused, but West Texas Intermediate and Brent are ahead 5.9% and 4.9% for the month as analysts expect summer fuel demand to pick up after a soft start to the season.Traders are waiting for confirmation that demand is firming from the latest U.S. oil and gasoline inventory data, which the Department of Energy will release at 10:30 am.
Traders are also monitoring the situation on the Israel-Lebanon border. Israel and the Iran-backed militia group Hezbollah have threatened war recently, after trading fire across the border for months. There are fears an Israeli offensive in Lebanon could trigger a direct confrontation with OPEC member Iran, potentially jeopardizing crude oil supplies.This pipeline stock could surge 17% on rising natural gas prices and coal phaseout, Argus saysCicadas Illinois
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